Brick 24-Unit Apartment
503 North Riverview Drive Parchment, MI 49004
For Sale
$1,700,000
Twenty-four apartments are spread across four brick three-story buildings with on-site coin laundry and 25 parking spaces.
Property Size601 SF
Price / SF$2,828
Days on Market431
Property Features for 503 North Riverview Drive
General Information
- Standard status
- Active
- Size
- 601 SF
- Property subtype
- Multi Family / 5+ Units
Building Details
- Year Built
- 1950
Listing Agency:
Five Star Real Estate
(269) 459-7898
Listed By:
Adam Atwood · License #6506047769
(269) 459-7898
Source:
Compass
Added: May 20, 2025
Changed: Jul 21
Last Checked: Jul 21 at 7:39PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Five Star Real Estate
Investment Insights
Based on property information with market context.
This 24-unit apartment complex features 23 one-bedroom units and one two-bedroom unit across four solid brick, three-story buildings, with six units per building. The property includes 25 total parking spaces, consisting of carport and lot parking, and two well-maintained coin laundry rooms. Many units have been tastefully updated, and there is stated potential to convert up to 19 units into two-bedroom layouts.
Tenants are responsible for electric and cooking gas, while the owner covers heat, water/sewer, trash, and lawn/plow services. The offering is positioned as having a history of strong occupancy and long-term tenant stability.
For buyers evaluating residential income strategies, the mix of one-bedroom units, existing laundry amenity, and covered operating expenses provide a clear operating framework for underwriting.
Tenants are responsible for electric and cooking gas, while the owner covers heat, water/sewer, trash, and lawn/plow services. The offering is positioned as having a history of strong occupancy and long-term tenant stability.
For buyers evaluating residential income strategies, the mix of one-bedroom units, existing laundry amenity, and covered operating expenses provide a clear operating framework for underwriting.
Key Highlights
- 24‑unit apartment complex in four 3‑story brick buildings (6 units per building): 23 1‑bedroom units and 1 2‑bedroom unit
- On‑site coin laundry with two laundry rooms
- 25 total parking spaces (carport and lot parking)
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Twenty-four apartments are spread across four brick three-story buildings with on-site coin laundry and 25 parking spaces.
Where is this apartment building located?
The property is located at 503 North Riverview Drive Parchment, MI.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 24‑unit apartment complex in four 3‑story brick buildings (6 units per building): 23 1‑bedroom units and 1 2‑bedroom unit; On‑site coin laundry with two laundry rooms; 25 total parking spaces (carport and lot parking)
